(AP) The company logo glimmers off the grille of an unsold 2007 Five Hundred sedan while a 2006 Mustang...Full Image
DEARBORN, Mich. (AP) - Ford Motor Co. (FPA) lost $5.8 billion in the fourth quarter amid slumping sales and huge restructuring costs, pushing the fabled automaker's deficit for the year to $12.7 billion, the largest in its 103-year history.
The annual loss reported Thursday surpassed its previous record for a year of $7.39 billion set in 1992. It earned $1.44 billion in 2005.
The Dearborn-based company expects continued losses for this year. It expects to burn up $10 billion in cash on automotive operations through 2009 and spend another $7 billion to invest in new products.
Excluding special items, Ford lost $1.50 per share in all of 2006, worse than Wall Street predicted. Fourteen analysts polled by Thomson Financial expected a loss of $1.35 per share for the year, excluding special items.
Ford said that special items associated with restructuring costs totaled $9.9 billion for the year as the company continues efforts to shrink itself to match reduced demand for its cars and trucks.
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